Will the 30% spike in the price of oil hobble the U.S. recovery? This is unlikely. Prices have not hit new highs. They are actually down 30% from two years ago. Moreover, “the U.S. economy is today well-positioned to absorb an oil spike without experiencing it as an oil shock.” The U.S. is 9% below peak oil consumption which occurred in August 2005. In addition, the U.S. has gotten more efficient with the oil it uses. “We’re consuming the same amount of crude oil that we did 12 years ago and real output is more than 25% higher.”

“StartUp Britain” is being launched by entrepreneurs for entrepreneurs with the aim of “celebrating, inspiring and accelerating enterprise in the UK.” The Prime Minister is lending support and the new campaign has Government backing. Start-ups and small firms account for nearly 60% of private sector jobs in the UK. Sir Richard Branson writes that “firing up a new generation of entrepreneurs will be a crucial part of our recovery and essential for creating sustainable growth in Britain over the next decade and beyond.”

“StartUp Britain” is being launched by entrepreneurs for entrepreneurs with the aim of “celebrating, inspiring and accelerating enterprise in the UK.” The Prime Minister is lending support and the new campaign has Government backing. Start-ups and small firms account for nearly 60% of private sector jobs in the UK. Sir Richard Branson writes that “firing up a new generation of entrepreneurs will be a crucial part of our recovery and essential for creating sustainable growth in Britain over the next decade and beyond.”

Japan is impacting debate on nuclear energy worldwide. The Boston Globe criticizes the Nuclear Regulatory Commission (NRC) for granting the 38-year-old Vermont Yankee nuclear plant a 20-year license extension, saying last week’s decision “defies common sense.” The Globe criticizes the NRC for being “too close to the industry it regulates” and for not postponing the decision “until the lessons of Fukushima can be fully understood.”

Japan is impacting debate on nuclear energy worldwide. The Boston Globe criticizes the Nuclear Regulatory Commission (NRC) for granting the 38-year-old Vermont Yankee nuclear plant a 20-year license extension, saying last week’s decision “defies common sense.” The Globe criticizes the NRC for being “too close to the industry it regulates” and for not postponing the decision “until the lessons of Fukushima can be fully understood.”

Europe’s leaders have consistently fumbled in handling the European debt crisis. The most recent European Council summit should have taken steps to “decisively address the sovereign debt crisis in the eurozone.” Instead it opted for half measures and band aids, postponing difficult decisions. One hopes (against hope) that Europe’s leaders will eventually address the central issue and determine “pan-European policies for letting banks fail safely and forcing losses on creditors rather than taxpayers.”

Europe’s leaders have consistently fumbled in handling the European debt crisis. The most recent European Council summit should have taken steps to “decisively address the sovereign debt crisis in the eurozone.” Instead it opted for half measures and band aids, opting to postpone difficult decisions. One hopes (against hope) that Europe’s leaders will eventually address the central issue and determine “pan-European policies for letting banks fail safely and forcing losses on creditors rather than taxpayers.”

Japan’s multi-front disaster reveals “a crisis of leadership.” Even with exceptions for the disaster’s massive scope, “some of the suffering is avoidable.” The Government’s response has been muddled, hampering relief efforts. While the stoicism of the disaster victims is admirable, it is “time for the Japanese to unleash some righteous anger on a system that has let them down.”

Nato’s efforts in Libya are in disarray. There is no consensus about how operations should be conducted or who should lead them. Already tied up in Iraq and Afghanistan, the U.S. really does not want to lead the Libyan coalition. It may have to. “In the absence of U.S. leadership, everyone else quarrels, frets and cavils, and we get a concoction like a “political steering committee” to run orders of battle.”

America needs to get its fiscal house in order. “Halfway through the current fiscal year, the US still has no budget and shows little sign of getting one.” In a sign that Congress is unable to make progress on its own, 64 Senators asked President Obama to directly intervene. The Financial Times believes he must try. He alone “might sway the country and break the impasse.”

America needs to get its fiscal house in order. “Halfway through the current fiscal year, the US still has no budget and shows little sign of getting one.” In a sign that Congress is unable to make progress on its own, 64 Senators asked President Obama to directly intervene. The Financial Times believes he must try. He alone “might sway the country and break the impasse.”

“One of the victims of Japan’s tsunami was somewhat unexpected: The Global IPO market.” A number of companies, many with no connection to Japan, postponed their IPOs. The IPO market began the year in a much healthier state, but jittery investors raised fears of “a sharp post-offering slide,” even for those issuers who successfully complete their offerings.

Warren Buffet is not alone in stating Japan presents a “buying opportunity.” Forbes reports “generally bearish Dave Rosenberg wrote in his daily newsletter that the battered Nikkei 225, which plunged 12% last week, ‘may well be the most inexpensive market in the world.’” In the same note he points out that Japan markets are roughly at book value while global markets are twice book value. Moreover, at a P/E multiple of 14.5x, the Nikkei is trading at its cheapest in over 40 years.

Warren Buffett canceled his planned trip to Japan due to the earthquake. He does, however, remain upbeat on Japanese equities. “If I owned Japanese stocks, I would certainly not be selling them because of the events of the past 10 days or so. Something out of the blue like this, an extraordinary event, really creates a buying opportunity.”